The Kentucky Surety Rider (KSR) is a special document issued by the state of Kentucky that protects a surety company from losses that arise from its agreements with a contractor. The KSR is designed to provide surety companies with the assurance that they will be repaid for any losses they may incur from the performance of the contractor. There are two types of Kentucky Surety Rider: 1) a Performance Bond Rider and 2) a Payment Bond Rider. The Performance Bond Rider is used to guarantee the completion of a project in accordance with the terms of the contract, while the Payment Bond Rider serves to guarantee that the contractor will pay all debts related to the project. Both of these riders require the surety’s approval to be effective.
Kentucky Surety Rider
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State:
Kentucky
Control #:
KY-SKU-1242
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PDF
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Description
Surety Rider
The Kentucky Surety Rider (KSR) is a special document issued by the state of Kentucky that protects a surety company from losses that arise from its agreements with a contractor. The KSR is designed to provide surety companies with the assurance that they will be repaid for any losses they may incur from the performance of the contractor. There are two types of Kentucky Surety Rider: 1) a Performance Bond Rider and 2) a Payment Bond Rider. The Performance Bond Rider is used to guarantee the completion of a project in accordance with the terms of the contract, while the Payment Bond Rider serves to guarantee that the contractor will pay all debts related to the project. Both of these riders require the surety’s approval to be effective.
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